We bought our big 1913 farmhouse in 1985 for a song, and then gutted it. We removed the oak and pine woodwork to be refinished, knocked out the plaster and lathe walls, re-wired, re-plumbed, re-roofed, insulated the outside walls, drywalled, replaced the woodwork, refinished the floors, removed the aluminum siding, installed central air, and did a thousand other things that needed to be done.
We're still working on it after 16 years. Periodically we run out of money, and sometimes we just get burned out from renovating and want to have a life.
Needless to say, in the beginning it looked nowhere near as nice as the gem you are looking at now, but around here anything that didn't come in on wheels is upscale.
You will become familiar with the 'mushroom factor' where one problem leads to others. For instance, you go to change a light bulb and notice that the fixture is a bit loose. You tighten the fixture and find that the thread is stripped. You remove the fixture and find the wires need to be replaced. You also notice the wood above the fixture is somewhat decayed, and that there is has been a leak from the bathroom above.... And so on and so forth.
Count on whatever project you want to do to wind up costing twice as much and taking twice as long as you had estimated. There will always be things that have to be fixed and replaced. Always. You don't own a house as much as it owns you.
We've spent money than we ever dreamed of spending. We would have been better off financially by plowing the house and rebuilding from scratch. The atmosphere of an older home can't be beat, though. It's almost impossible to match the quality of building materials and workmanship these days. I've seen homes built in the last few years that are already falling apart.
I would have to agree with all the advice to get trained folks to look at it from the basement and foundation to the attic and roof. Have them check for asbestos, whether the walls and roof are insulated. Check to see if the windows and fixtures ALL
work. Many times the windows have been painted shut. Find out if the water and sewer lines have ever been replaced. In 80 years they probably have been changed. See if you can see the bills for heating and cooling for the last year. Make sure there are no problems with the property lines. If the floorboards are tight and the floors are level, you can probably be assured that the foundation is sound. Get an inspector to tell you why that brickwork has deteriorated. Check to see if the rest of the house needs repointing. (That is a major job.) If you make an offer, use the things that need to be done to justify a lower purchase price.
I'd prefer a bit more yard and distance from the neighbors, but having close neighbors is fine if you get along with them. Along with the inspectors, you might want to meet the Jones' to either side.
By no means should you rent the movie "The Money Pit." They say it is a comedy, but it is really a horror flick.
Good luck, and have fun. Enjoy your love affair. (More like a love/hate affair...)